QXO (NASDAQ:QXO) Stock Price Up 5.4% - Should You Buy?

Key Points

• QXO, Inc. shares experienced a 5.4% increase during trading, reaching a last traded price of $21.23, despite a volume drop of 64% from the average.
• Multiple brokerages have provided positive ratings for QXO, with the consensus rating now at "Buy" and an average price target of $34.30.
• Institutional investors have significantly increased their stakes in QXO, with major firms like Vanguard and Affinity Partners boosting their holdings by substantial percentages in the second quarter.

Shares of QXO, Inc. (NASDAQ:QXO - Get Free Report) traded up 5.4% on Tuesday . The stock traded as high as $21.34 and last traded at $21.23. 2,116,742 shares traded hands during trading, a decline of 64% from the average session volume of 5,900,980 shares. The stock had previously closed at $20.13.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Wells Fargo & Company began coverage on shares of QXO in a research report on Tuesday, August 5th. They set an "overweight" rating and a $30.00 price target on the stock. William Blair began coverage on shares of QXO in a research report on Wednesday, June 18th. They issued an "outperform" rating on the stock. Morgan Stanley began coverage on shares of QXO in a research report on Tuesday, September 2nd. They issued an "overweight" rating and a $35.00 target price on the stock. Citigroup began coverage on shares of QXO in a research report on Wednesday, July 16th. They issued a "buy" rating and a $33.00 target price on the stock. Finally, Raymond James Financial assumed coverage on shares of QXO in a research report on Friday. They issued an "outperform" rating and a $28.00 target price on the stock. Three equities research analysts have rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $33.73.

QXO Price Performance

The stock's 50 day moving average is $20.86 and its two-hundred day moving average is $17.24. The stock has a market capitalization of $14.84 billion, a PE ratio of -2.42, a price-to-earnings-growth ratio of 4.09 and a beta of 2.35.

Hedge Funds Weigh In On QXO

Hedge funds have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC purchased a new position in QXO in the second quarter valued at approximately $25,000. American Capital Advisory LLC increased its stake in QXO by 258.0% in the second quarter. American Capital Advisory LLC now owns 1,167 shares of the company's stock valued at $25,000 after purchasing an additional 841 shares during the last quarter. Larson Financial Group LLC purchased a new position in QXO in the first quarter valued at approximately $26,000. Allworth Financial LP increased its stake in QXO by 1,740.9% in the second quarter. Allworth Financial LP now owns 1,215 shares of the company's stock valued at $26,000 after purchasing an additional 1,149 shares during the last quarter. Finally, CWM LLC purchased a new position in QXO in the first quarter valued at approximately $27,000. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

About QXO

QXO, Inc operates as a business application, technology, and consulting company in North America. The company provides solutions for accounting and business management, financial reporting, enterprise resource planning, human capital management, warehouse management systems, customer relationship management, and business intelligence.